C.A.F.R., FY 2004-05 - Laserfiche WebLink

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At the end of September 2005, Paris' unemployment rate was 7.0% compared to 6.5% at the same time last year. By October 2005, the unemployment rate had dropped to 5.9%. Major Initiatives The City of Paris continues to work in environmentally related areas. Since 1984 over $50 million has been spent on water and wastewater improvements. The City has begun work on formulating a new long range plan to maintain its infrastructure. The City also continues to expand its effort in law enforcement related areas. Specifically, the City has targeted prevention efforts with local youth. Programs in this effort include the Police Athletic League, school resource officers, and the DARE program. Other continuing law enforcement programs include a regional drug task force, auto theft task force, and the violent crimes against women program. From a development standpoint the City has taken several steps. Reentry into the State of Texas Main Street Program should channel additional funds for revitalization of existing structures and businesses. The City continues to work closely with the Paris Economic Development Corporation to attract new business to Paris and to support existing businesses as well. Working with the Chamber of Commerce, the City is effectively using the new civic center to attract people and business to Paris. City officials are also closely working with Keep Paris Beautiful, Inc. to promote and improve the City. The newly created Historic Preservation Committee is working with local property owners to maintain the historical character of the City. Financial Information The fmancial statements of the City of Paris, Texas, have been prepared in conformity with generally accepted accounting principles as applied to governmental units. The Governmental Accounting Standards Board is the accepted standard-setting body for establishing governmental accounting and fmancial reporting principles. Using the GASB 34 reporting model, the City's Comprehensive Annual Financial Report provides for management discussion and analysis, government-wide fmancial statements, major fund fmancial statements, notes to the [mancial statements, and other required supplementary information. Cash ManagementlInvestments The City has a written investment policy that conforms to state statutes, which outlines permissible investments. The City pools its cash balances for investment purposes from the various funds maintained in its consolidated cash account. Interest earnings of the pool are allocated to the various funds of the City based upon a fund's equity position in the pool. Risk Management The City of Paris' primary risk exposures are in the areas of workers' compensation and tort liability. Provision for these risks is made through participation in the Texas Municipal League's risk pool. Budgetary Control Between 30 days and 90 days prior to the beginning of each fiscal year, the City Manager submits to the City Council a proposed budget for the fiscal year beginning on the following October 1. The operating budget, which represents the financial plan for the ensuing fiscal year, includes proposed expenditures and the means of fmancing them. Public hearings are conducted at which all interested persons' comments concerning the budget for the next fiscal year are heard. The budget is legally enacted by the City Council through passage of an ordinance not later than the 27th day of the last month prior to the beginning of the fiscal year. 1-4